Graphite India Ltd. Company Background. Investment Rationale. Valuation. December 20, Scaling high...

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1 December 2, 213 Graphite India Ltd. Scaling high... CMP INR 78. Target INR 95.9 Initiating Coverage - BUY Key Share Data Face Value (INR) 2. Equity Capital (INR Mn) 39.8 Market Cap Week High/Low (INR) 88.2 / months Avg. Daily Volume (NSE) 61,97 BSE Code NSE Code GRAPHITE Reuters Code GRPH.BO Bloomberg Code GRIN IN Shareholding Pattern (as on 3th Sep. 213) Promoter 63.88% Source: Company FII's, 15.18% Others, 16.18% DII's, 14.76% Key Financials (INR Million) Particulars FY12 FY13 FY14E FY15E Net Sales 19, , , ,822. Growth (%) 32.5% 1.9% -1.5% 8.5% EBITDA 3,23.1 2,79. 2,83. 3,19.2 PAT 2, , , ,62. Growth (%) 12.4% -36.7% 6.5% 11.9% EPS (INR) BVPS (INR) Key Financials Ratios Particulars FY12 FY13 FY14E FY15E P/E (x) P/BVPS (x) Mcap/Sales (x) EV/EBITDA (x) ROCE (%) 12.9% 8.7% 8.7% 9.3% ROE (%) 12.8% 7.9% 8.1% 8.6% EBITDA Mar (%) 14.3% 1.7% 11.3% 11.2% PAT Mar (%) 11.1% 6.9% 7.5% 7.7% Debt - Equity (x) Yr price performance GIL vis à vis BSE Mid Cap 1% % -1% -2% -3% Dec-12 Mar-13 May-13 Jul-13 Sep-13 Dec-13 GIL Analyst: Nikhil Saboo BSE Mid Cap Ph: , M: Company Background Graphite India Limited (GIL) incorporated in 1974, is a part of K.K. Bangur Group. The company is engaged in the manufacturing of graphite electrode having a capacity of 98, metric tonnes along with power generation capacity of 33 MW. It also manufactures calcined petroleum coke for use in electrode manufacturing and has over 4 years of technical expertise in the industry. Investment Rationale Strategic plant location with creditable clientele GIL has three manufacturing facilities in India and one in Germany. Its Indian plants are located close to customers in Indian markets and near three main ports of India, offering logistic advantages to clients overseas. Its German plant caters to the needs of European customers and is located close to the EU market. GIL is a leading exporter of graphite electrodes with a marketing footprint across the US, Europe, Middle East, South-East Asia and Far East. Its products are exported to more than 5 countries, which contribute ~65 percent of its revenues. Unalleviated demand from the steel industry Steel manufacturing companies with electric arc furnace (EAF) are the only consumers of graphite electrodes. To comply with better environment standards (low emission of carbon dioxide) many global steel giants are converting their existing conventional steel production facilities into EAF plants. The EAF route for steel production is gaining ground globally, with the share of steel produced via the EAF process expected to contribute over 5 percent of global steel production by 22 from the current level of 3 percent. Strong balance sheet to aid growth As on September 213, on a standalone basis net debt levels stands at INR 2.13 billion and net debt/equity (ND/E) ratio stands at just mere.12x. On a consolidated basis, ND/E stood at.4x (March 213) which is also at comfortable levels. Going forward, on a consolidated basis, we expect the ND/E to decline to.29x by FY15E. Going forward, with capex restricted to INR 2 25 million per annum, we expect GIL to utilize its free cash flows in repaying debts. Thus, GIL is well placed to meet its additional capital requirement enabling it to consolidate its existing market position and pursue attractive organic and inorganic growth options as and when opportunities arise. Valuation We rate a BUY rating on GIL with a price target of INR 95.9/share, implying an upside potential of 22.9 percent from current levels. Our target price is based on GIL s FY15E EV/EBITDA multiple of 8x. nikhil.saboo@skpmoneywise.com SKP Securities Ltd Page 1 of 13

2 Industry Overview Majority of this capacity however, is currently located in high cost regions like US, Europe and Japan Graphite electrodes are used in electric arc furnace (EAF) based steel mills and is a consumable item for the steel industry. The graphite electrode industry is highly consolidated with the top five major global players accounting for 75 percent of the high end UHP electrode capacity (excluding Chinese players). Majority of this capacity however, is currently located in high cost regions like US, Europe and Japan. The manufacturing process, for the high end UHP electrodes is technology intensive and is a significant barrier for the entry of new players. The EAF method of manufacturing steel is becoming increasingly attractive due to its low capital costs, lower breakeven tonnage, and flexibility in locating plants closer to consumption points and significantly lower pollution levels than in the blast furnace steel plants. As a result, EAF production has increased from 18 million tonnes (mt) in 1985 to 452 mt in 212. Exhibit: Global Steel Production The EAF route comprises approx 59 percent of all steel produced in the US and over 42 percent of all steel manufactured in Western Europe Figs. In MT % 35% 3% 25% 2% 15% 1% 5% % Total Steel Production EAF % EAF in Total Steel The EAF route comprises approx 59 percent of all steel produced in the US and over 42 percent of all steel manufactured in Europe approximately a third of the world s steel production. In India the demand is expected to grow at 3.4 percent to 74. mt in CY213 and 5.6 percent in CY214 on account of reform measures by government to stimulate infrastructure investments Exhibit: Process Wise Steel Production % 1% % % % % 1% 1% 9% Middle East 31% 68% India 41% 59% North America 58% 62% 42% 38% Europe South East Asia 9% 1% China 7% 29% Total Global Production EAF BOF Others SKP Securities Ltd Page 2 of 13

3 During Q3 CY213, the global crude steel production increased by 4.7 percent to 396 mt. CY212 had been a challenging year for the steel industry (growth of 1.7 percent) due to the continued macroeconomic uncertainty, which has impacted the key sectors of economy including the automobile, power generation, construction and infrastructure sectors. Recovery in the US remains on track, however industrial activity in the Euro Zone showing signs of improvement. Going forward, capacity utilizations are expected to remain below 8 percent until 214 and to reach ~83 percent by According to the World Steel Association, global steel consumption is expected to increase by 3.1 percent to 1,475 mt in CY213 and by 3.3 percent to 1,523 mt in CY214. Steel demand in China is expected to grow by 6 percent in CY213 to 7 mt and 3 percent in CY214. In India the demand is expected to grow at 3.4 percent to 74 mt in CY213 and 5.6 percent in CY214. Steel demand in Europe is expected to contract further by 3.8 percent in CY213 and return to growth of 2.1 percent in CY214 to reach 138 mt. The average capacity utilization in Q3CY213 was 77.2 percent compared to 78.8 percent in 212. Going forward, capacity utilizations are expected to remain below 8 percent until 214 and to reach ~83 percent by Going ahead, the global economic growth and steel demand will be significantly dependent on the growth of Europe and China. Exhibit: World Crude Steel Production Figs in Million Tons Country Quarter Ended Year Ended Sep 13 Sep 12 Y o Y (%) Jun 13 Q o Q (%) Mar 13 Mar 12 Y o Y (%) Asia (.6) 1, China (.1) India (.2) South America (4.51) North America European Union (1.2) 43. (6.7) (5.13) Middle East & Others (1.1) 48. (2.1) (1.83) Total (1.) 1,521 1, SKP Securities Ltd Page 3 of 13

4 Company Profile GIL is globally well positioned through its product quality, scale of operations and manufacturing platform base Graphite India Limited (GIL), incorporated in 1974, is a part of K.K. Bangur Group. The company is engaged in the manufacturing of graphite electrodes, impervious graphite equipments, high speed steel (HSS), alloy steel, GRP/ERP pipes and tanks and power generation. It is the leading graphite electrode manufacturer in India (including German subsidiary) and fifth largest player across the globe. The company has over 4 years of technical expertise in the industry. Exhibit: Corporate Structure Graphite India Ltd. Enhance presence in value added graphite products and grow impervious graphite equipment business Bavaria Electrodes GmbH Carbon Finance Ltd. Bavaria Carbon Holdings GmbH Graphite International B.V Bavaria Carbon Specialties GmbH Graphite Cova GmbH Incorporated in India Incorporated in Netherlands Incorporated in Germany Power generation capacity of 33 MW through hydel and multi-fuel routes. Power is used primarily as captive supply for the graphite electrodes business GIL has three manufacturing facilities in India and one in Germany with total installed graphite electrode manufacturing capacity of 98, MT and power generation capacity of 33 MW (Hydel 19.5 MW & Multi-fuel routes 13.5 MW). Its plant is located at Durgapur (West Bengal), Nasik (Maharashtra), Bangalore (Karnataka) in India and Nurnberg in Germany. The multi-fuel (diesel) power generating sets remained as standby owing to adequate availability of power from the grid at lower price. GIL manufactures the full range of graphite electrodes but stays focused on the higher margin, large diameter, ultra-high power ( UHP ) electrodes. It also manufactures Calcined Petroleum Coke ( CPC ) for use in electrode manufacturing. It is enhancing its presence in value added graphite products for the auto, aerospace, chemical, pharmaceutical, metallurgical and machine tool industries. SKP Securities Ltd Page 4 of 13

5 Investment Rationales Strategic plant location with creditable clientele GIL is largest Indian producer of graphite electrodes by total capacity GIL has three manufacturing facilities in India and one in Germany. Its plant in India is located at Durgapur (54, MT), Bangalore (13, MT), Nashik (13, MT) and Nurnberg in Germany (18, MT). GIL Indian plants are located close to customers in Indian markets and near three main ports of India, offering logistic advantages to clients overseas. Its German plant caters to the needs of European customers and is located close to the EU market. Exhibit: Strategically Placed Manufacturing Locations Location Capacity (Mt/Year) Durgapur 54, Bangalore 13, Nasik 13, Indian plants are located close to the three main ports of India, offering logistic advantages to clients overseas Nashik Bangalore Barauni Durgapur Nurnberg (Germany) * 18, Total 98, * German Plant caters to the needs of European customers and is located close to the EU markets. Going forward, GIL aspires to become the top 3 global players and to further improve penetration in untapped markets GIL is India s largest producer of graphite electrodes and fifth largest in the world (including German subsidiary) accounting for ~6.5 percent of global electrode capacity. The domestic Graphite Electrode industry is consolidated with around two major players (GIL & HEG Ltd), accounting for the major Graphite Electrode capacity. Going forward, GIL aspires to become the top 3 global players and to further penetrate in untapped markets. Exhibit: Globally Top 6 Graphite Electrode Manufacturer 3 25 Figs. 's Tonnes GrafTech SGL Group Showa Denko 1 Tokai Carbon 98 Graphite India 8 HEG Ltd SKP Securities Ltd Page 5 of 13

6 GIL is a leading exporter of graphite electrodes with a marketing footprint across the US, Europe, Middle East, South-East Asia and Far East. GIL generates ~4 percent of its Graphite Electrode volume from Middle East region followed by 27 percent from Indian region, 2 percent from European region and remaining others which includes North America, South East Asia & Far East etc. Exhibit: GIL Electrode Sales Volume by Region FY211 FY213 7% 6% 5% 31% 3% 6% 4% 27% GIL is globally well positioned through its product quality, scale of operations and manufacturing platform base 25% 26% 2% 4% India Middle East Europe South East Asia India Europe North America Middle East South East Asia Others GIL continues to build on its longstanding relationships with its existing customers GIL is having an impressive and diversified client base which includes few of the most respected and discerning names in the steel industry, such as Alta Steel, North Star Bluescope, Nucor Group, SDI Group, Sterling Steel etc. (North America), Acerinox, ArcelorMittal, Beltrame, Riva, Tata Corus etc. (Europe), Al Ezz Group, Emirates Steel, Qatar Steel etc. (Middle East), Essar Steel, JSPL, JSW Steel, SAIL, Tata Steel etc. (India), Hyundai Steel, Perwaja Steel, Posco Steel etc. (South East Asia and Far East) among others. Its products are exported to more than 5 countries, which contribute ~65 percent of its revenues. GIL continues to build relations with these clients, which has helped the company in increasing its export turnover. Exhibit: Exhibit: Exports as a %age of Sales 25, 63.5% 2, 53.2% 56.7% Figs in INR Million 15, 1, 5, 17,127 17,377 18, % 2, % 23,32 8% 6% 4% 2% % FY9 FY1 Total Exports FY11 FY12 FY13 Exports as a %age of Sales SKP Securities Ltd Page 6 of 13

7 Unalleviated demand from the steel industry US is showing some signs of improvement whilst European demand remains volatile although stabilizing Electrodes are critical to the EAF steel making process, with no substitutes available Strong secular support for EAF route due to significant advantages over traditional blast furnace method Graphite electrodes are used in electric arc furnace (EAF) based steel mills and is a consumable item for the steel industry. The EAF method of manufacturing steel is becoming increasingly attractive due to its low capital costs, higher production flexibility, lower breakeven tonnage and significantly lower pollution levels than in the blast furnace steel plants. To comply with better environment standards (low emission of carbon dioxide) many global steel giants are converting their existing conventional steel production facilities into EAF plants. However, due to ongoing global economic uncertainty, specifically Europe, the near term global steel demand is expected to remain subdued, placing pressure on graphite electrode. Thus, short term outlook for demand of graphite electrode remains bleak, while the longer term dynamics of the industry remain positive on account of its various advantages. The EAF route for steel production is gaining ground globally, with the share of steel produced via the EAF process expected to contribute over 5 percent of global steel production by 22 from the current level of 3 percent. According to the GrafTech (November 213 presentation), developing economies continue to increase their penetration of EAF steel making. Over , ~1 million tonnes of new EAF capacity is expected to be added in Asian (~65 mtpa) & EMEA (~35 mtpa) countries, having potential to generate ~16k tpa of electrode demand. Consolidated industry with significant entry barriers due to technology intensive nature of operations With the increase in the adoption of EAF method to produce steel and limited number of graphite electrodes manufacturing companies (high end UHP electrodes is technology intensive and is a significant barrier for the entry of new players), the demand for graphite is expected to rise in future, thereby ensuring constant growth in revenues and profitability for the company. Strong balance sheet to aid growth GIL is well positioned to benefit from the growing demand for Graphite electrode in the medium term As on September 213, on a standalone basis GIL has a gross debt of INR 4.67 billon and cash balance of INR 2.13 billion. The net debt levels stands at INR 2.13 billion and net debt/equity (ND/E) ratio stands at just mere.12x. On a consolidated basis, ND/E stood at.4x (March 213) which is also at comfortable levels. Going forward, on a consolidated basis, we expect the ND/E to decline to.29x by FY15E. SKP Securities Ltd Page 7 of 13

8 GIL executed the expansion at a capital cost of INR 2.75 billion, funded through internal accruals and borrowings GIL has completed its expansion of 2, mt Durgapur unit in Q3FY13 at a cost of INR 2.75 billion. With further future capex (annual maintenance cost) restricted at ~INR 2-25 million annually, we expect GIL to utilize its free cash flows in repaying debts. Thus, GIL is well placed to meet its additional capital requirement enabling it to consolidate its existing market position and pursue attractive organic and inorganic growth options as and when opportunities arise. Exhibit: CFO & ND/E Ratio 3,.6 Consistent cash flows have supported on-going capex requirements and imparted operational flexibility Figs. in INR million 2, 1, 1, FY11 FY12 FY13 Cash Flow from Operations (CFO) FY14E FY15E D/E (x).4.2. Economies of scale and low cost production are the key points by which the company benefits During the quarter ended September 213, capacity utilization stood at 66 percent and is expected to remain at same levels in the near term due to subdued demand from the steel industry. Though, the situation is likely to get reversed after FY14 in the backdrop of signs of recovery in the global economy, thereby fuelling demand from the steel industry. Given, the bleak scenario there is a short-term downward bias in prices of graphite electrodes which is down by ~1 percent y-o-y. However, prices of needle coke, which is the key raw material, have seen a similar trend (down ~15 percent y-o-y). The company is still carrying some high cost needle coke inventory at Durgapur plant which is expected to keep margins under pressure. Going forward, we expect EBITDA margins to improve marginally by 6 bps over FY13-15E to 14.5 percent. Exhibit: EBITDA & EBITDA Margins Operating margins remain one of the highest amongst the leading electrode manufacturers Figs. in INR Million 3,4 3,2 3, 2,8 2,6 2,4 FY11 FY12 Margins to Stable at Sub 14.5%. FY13 FY14E FY15E 22% 2% 18% 16% 14% 12% 1% EBITDA EBIDTA Margins (%) SKP Securities Ltd Page 8 of 13

9 Going forward, we expect the sales to grow at CAGR of 3.4 percent over FY13-FY15E to INR 2.82 billion while net profit is expected to grow at CAGR of 9.2 percent to INR 1.6 billion during the same period. Inventory and working capital remain high for the company due to pressure on demand and high needle coke inventory which was built up during FY13 for the new capacity Exhibit: PAT & PAT Margin (%) Figs in INR Million 2,5 13.1% 11.1% 2, 6.9% 7.7% 1,5 1, 7.5% 5 FY11 FY12 FY13 FY14E FY15E Net Profit PAT Margin (%) 14% 12% 1% 8% 6% 4% 2% % For FY13, the company has paid a dividend of 175 percent (INR 3.5/share), thereby delivering a current dividend yield of ~4.5 percent The company has delivered value to its shareholders in the form of higher dividends. The company has a track record of paying continuous dividends, despite the cyclical nature of the business. For FY13, the company has paid a dividend of 175 percent (INR 3.5/share), thereby delivering a current dividend yield of ~4.5 percent. Going forward, we believe the company would continue to pay higher dividends, which would enhance overall returns of the shareholders. Exhibit: Dividend Yield % 5.% 4.% 3.% 2.% 1.%.% FY1 FY11 FY12 FY13 FY14E FY15E Dividend Per Share Dividend Yield (%) SKP Securities Ltd Page 9 of 13

10 Key Concerns Export contributes ~66.5 percent of GIL s total revenues; there is a perennial risk of foreign exchange currency fluctuations which could negatively affect the company's margins going forward. The uncertainty in the euro zone due to the sovereign debt crisis and relative softening in emerging economies could further impact global steel growth and the demand for graphite electrodes, thereby impacting GIL revenues and margins. Other major concern pertains to the supply shortage of basic raw material i.e. needle coke as it could hamper the growth potential of the company. Valuations At current market price of INR 78/share, GIL is trading at an EV/EBITDA of 7.5x and 6.8x FY14E and FY15E EBITDA respectively. We valued GIL s business at FY15E EV/EBITDA multiple of 8x. Thus, we arrived at a price target of INR 95.9/share, implying an upside potential of 22.9 percent in 18 months. Exhibit: Value based on FY15E EV/EBITDA We maintain a BUY rating with a price target of INR 95.9/share, reflecting an upside potential of 22.9 percent from current levels Target EV/EBITDA Multiple FY15E EBITDA (INR Million) Target Enterprise Value (INR Million) Less: FY15E Debt (INR Million) Add: FY14E Cash (INR Million) Target Market Cap (INR Million) No of Shares (Million) Target Price Per Share (INR) Source: SKP Research 8. x 3, , , , SKP Securities Ltd Page 1 of 13

11 One Year Forward EV/EBITDA Band GIL historically traded in a narrow band of 5x to 9x on the one year forward EV/EBITDA basis, despite the cyclacity of the steel sector Exhibit: One Year Forward EV/EBITDA Band Figs. In INR Billion Mar-9 Jul-9 Oct-9 Jan-1 Apr-1 Jul-1 Oct-1 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 9x 8x 7x 6x 5x One Year Forward P/E Band At CMP, GIL is trading at 1.6x and 9.5x its FY14E and FY15E earnings, respectively Exhibit: One Year Forward P/E Band Mar-9 Jul-9 Oct-9 Jan-1 Apr-1 Jul-1 Oct-1 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 14x 12x 1x 8x 6x One Year Forward P/Bv Band Exhibit: One Year Forward P/BV Band At CMP, GIL is trading at.88x and.84x its FY14E and FY15E book value, respectively 4 2 Mar-9 Jul-9 Oct-9 Jan-1 Apr-1 Jul-1 Oct-1 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan x 1x.8x.6x.4x SKP Securities Ltd Page 11 of 13

12 Exhibit: Income Statement Figures in INR Million Exhibit: Balance Sheet Figures in INR Million Particulars FY12 FY13 FY14E FY15E Particulars FY12 FY13 FY14E FY15E Net Sales 19, , , ,822. Share Capital Growth (%) 32.5% 1.9% 1.5% 8.5% Reserve & Surplus 16, , , ,161.3 Expenditure 15, , , ,82.8 Shareholders Funds 16, , ,75. 18,552.1 Material Consumed 7, , , ,537. Total Debt 5, ,28. 6,228. 5,728. Power & Fuel Cost 3,98.1 3, , ,279.5 Deferred Tax (Net) Employee Cost 1, ,86.5 1, ,926. Total Liabilities 23, ,97. 24, ,23.5 Admin & Other Exp. 3, , , ,6.3 EBITDA 3,23.1 2,79. 2,83. 3,19.2 Net Block inc. Capital WIP EBITDA Margin (%) 16.9% 13.9% 14.8% 14.5% Investments 2,496. 2, , ,648.1 Depreciation Deferred Tax Asset 12.3 EBIT 2, ,88.8 2, ,333.1 Non Current Asset Other Income Current Assets 17, ,716. 2,5.4 2,92. Interest Expense Inventories 1, , , ,976.1 Profit Before Tax (PBT) 2, , ,147. 2,42.9 Sundry Debtors 4, , , ,52.6 Exceptional Items Cash & Bank Balance Income Tax Other Non Current Assets Profit After Tax (PAT) 2, , , ,62. Loans & Advances 1, ,983. 2,11.5 2,342.5 Growth (%) 12.4% 36.7% 6.5% 11.9% Current Liabilities & Prov 3,97.2 4, ,658. 4,921.5 PAT Margins (%) 11.1% 6.9% 7.5% 7.7% Net Working Capital 13, , , ,98.5 Diluted EPS Total Assets 23, ,97. 24, ,23.5 Exhibit: Cash Flow Statement Figures in INR Million Exhibit: Ratio Analysis Particulars FY12 FY13 FY14E FY15E Particulars FY12 FY13 FY14E FY15E Profit Before Tax (PBT) 2, , ,147. 2,42.9 Earning Ratios (%) Depreciation EBITDA Margin (%) 14.3% 1.7% 11.3% 11.2% Interest Provided PAT Margins (%) 11.1% 6.9% 7.5% 7.7% Chg. in Working Capital (2,842.9) (2,192.2) 3.1 (581.5) ROCE (%) 12.9% 8.7% 8.7% 9.3% Direct Taxes Paid (792.) (488.4) (715.6) (8.9) ROE (%) 12.8% 7.9% 8.1% 8.6% Other Charges (267.5) (96.4) Per Share Data (INR) Operating Cash Flows (272.5) , ,975.7 Diluted EPS Capital Expenditure (1,345.9) (516.3) (4.) (4.) Cash EPS (CEPS) Investments (11.5) (3.7) (.) (.) BVPS Others Valuation Ratios (x) Investing Cash Flows (1,326.6) (478.2) (4.) (4.) P/E Equity Capital Raised Price/BVPS Inc / (Dec) in Debt 2, ,252.6 (8.) (5.) EV/Sales Dividend Paid (inc tax) (79.5) (79.4) (8.) (8.) EV/EBITDA Interest Paid (192.) (38.7) (311.5) (269.) Dividend Yield (%) 4.2% 4.4% 4.5% 4.5% Financing Cash Flows 1, (1,911.5) (1,569.) Balance Sheet Ratios Chg. in Cash & Cash Eqv (37.2) (21.6) Debt Equity Opening Cash Balance Current Ratio Closing Cash Balance Fixed Asset Turn. Ratios Source: Company Data, SKP Research SKP Securities Ltd Page 12 of 13

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SKP Securities Ltd Contacts Research Sales Mumbai Kolkata Mumbai Kolkata Phone Fax researchmum@skpmoneywise.com research@skpmoneywise.com Skp.sec@bloomberg.net Member: NSE BSE NSDL CDSL NCDEX* MCX* MCX-SX FPSB *Group Entities INB/INF: , BSE INB: , CDSL IN-DP-CDSL-132-2, DPID: 218, NSDL IN-DP-NSDL: , DP ID: IN32646, ARN: 6, NCDEX: 715, MCX: 3175, MCX-SX: INE SKP Securities Ltd Page 13 of 13